I agree with Brad, you have to be thick skinned to own a park. When I was in trial class in law school, our professor said no thin skins allowed. He said that when we go to Court the judge will be rude, etc… He said if you want to be a trial lawyer you have to be able to act under pressure and deal well with insults. This is similar to the mobile home park business.
There are drunks and criminals in the parks where the owners don’t do background checks and properly screen tenants. However, if you screen the tenants and don’t let the residents push you around you will do well. Also, if the park is full of drunks and criminals make a low offer. You may find an owner who simply wants to get out. You can purchase, do some evictions and make the park a nice place to live. Furthermore, you will get huge appreciation when you clean the park out and make it worth much more than you paid.
The great thing about mobile home parks is that you get a lot of land for your money. Buy land in the right areas adn then you can redevelop later.
I can spot rif raff a mile away/ I teach my park managers the same. Don’t fall for schemes. I never believe park owners who have weekly rental parks and then try to say that there is very low turnover. Simply use common sense. If somethin seems too good to be true then it generally is.
Every business have its pros and cons. Retail investors don’t like mobile home parks. However, when the economy crashes they a great deal of difficulty renting space. We rent to the bottom of the market. Thus, we can always find tenants.